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PepperTap raises $36 million from Snapdeal-led funding round

  • PepperTap, an on-demand hyperlocal grocery
    delivery service, has closed a Series B funding round of $36 million, led by
    Snapdeal, along with existing investors Sequoia India and SAIF Partners.
  •  
  • The company is also in talks to expand
    • PepperTap, an on-demand hyperlocal grocery
      delivery service, has closed a Series B funding round of $36 million, led by
      Snapdeal, along with existing investors Sequoia India and SAIF Partners.
    •  
    • The company is also in talks to expand
      this round by another $20 million from other financial investors.
    •  
    • Navneet Singh, co-founder and CEO, said PepperTap
      has been on a hyper-growth track since its inception nine months ago.
      “From less than $1 million Gross Merchandise Value (GMV) run rate at the
      start of 2015-16, the company is on track to end the year with a GMV run rate
      of over $250 million,” he said.
    •  
    • “Investment by an established player
      like Snapdeal is a stamp on our asset-light, low-burn business model and our
      execution track record. We look forward to leveraging Snapdeal’s experience to
      help our partner stores develop their capabilities and multiply their
      sales,” Singh said.
    •  
    • A top Snapdeal official said Navneet and
      his team have done a phenomenal job in building PepperTap into a leading
      grocery ordering platform. “We look forward to working closely with
      PepperTap to make them very successful, leveraging the capabilities we have
      built in Snapdeal’s ecosystem,” the official said.
    •  
    • PepperTap is planning to utilise the money
      to expand its presence to 75 cities across India by the end of the current
      fiscal year. The company also plans to invest heavily in strengthening its
      technology and supply chain capabilities. PepperTap expects to have more than
      5,000 staff by the year-end to support its operations.
    •  
    • “PepperTap is making exciting
      progress… to deliver a great user experience for grocery shopping. It’s
      thrilling to see the incredible progress Navneet and team have made since
      Sequoia’s seed investment and we’re delighted to support them in their
      journey,” Shailendra Singh, managing director, Sequoia Capital India
      Advisors, said.

     

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